Most people rely on some form of state pension to ensure a comfortable retirement. However, these plans only pay out around £8,000 per annum, which is much less than most people need to spend on rent, bills and food, never mind the medical and nursing costs which are often necessary later in life.

 

Loughborough University and the Pensions and Lifetime Savings Association (PLSA) conducted a study to find out what people need for a minimum, moderate or comfortable quality of life after they retire. They found that: “A single person will need about £10k a year to achieve the minimum living standard, £20k a year for moderate and £30k a year for comfortable.” “For couples, the minimum standard came in at £15,700, moderate was £29,100 and worked out as £47,500.”

 

Having other savings and private pensions on top of the state pension can make all the difference in retirement. It is, therefore, vital for you to provide for your retirement fund while you are still able to earn enough money to do so.

 

With so many different plans available for investments, retirement annuities, and personal pension plans, choosing the right ones can be daunting - especially when there are terms and conditions attached, which are often tricky to understand. If you would like help putting the right plans in place to retire well, please contact us today.

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